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New Jersey Online Gambling Sets Record Amid Shifts

New Jersey's online gambling market reached a historic milestone in October 2024, surpassing in-person casino revenue for the first time. With $213.6 million in online earnings, the state sets a new record, highlighting digital casinos' rising dominance and their impact on the gambling landscape.
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Branimir Ivanov | Senior News Contributor

Updated: Nov 20, 2024

New Jersey Off to the Races

New Jersey’s online gambling industry reached a new milestone in October, highlighting a growing trend toward digital gaming over traditional in-person casino gambling. According to figures released by the New Jersey Division of Gaming Enforcement, internet gambling revenue hit $213.6 million, surpassing the previous record of $208 million set in September. This marks a significant evolution in the state’s gambling market, as online gambling revenue outpaced in-person casino earnings for the first time in October, excluding brief periods during the pandemic when physical casinos were shuttered.

In total, the state’s nine casinos, two horse racing tracks, and their online partners recorded nearly $500 million in combined revenue from in-person gambling, internet gaming, and sports betting in October. This represents a 2.6% increase compared to the same period last year. While total revenues rose, the reliance on internet gambling has grown considerably. Online revenue exceeded $200 million for the second consecutive month, cementing its role as a dominant force in the evolving gambling industry.

However, the shift to digital gaming highlights challenges for Atlantic City’s traditional casinos. Brick-and-mortar gaming revenue fell 8.5% year-over-year in October, even with favorable weather conditions that historically draw more visitors.

 

Industry Experts Weigh In

Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, emphasized that online gaming is driving the revenue gains. “Despite a historically dry and very mild October, brick-and-mortar gaming operators in Atlantic City did not see strong gains over 2023, instead declining by 8.5% year-over-year,” she said. “Internet gaming continued a record streak, contributing significantly to total revenue growth.”

James Plousis, chairman of the New Jersey Casino Control Commission, noted the significance of these trends. “Internet revenue surpassed in-person casino revenue for the first time in October, underscoring the importance of online gaming as a component of the evolving casino business,” he said.

 

Winners and Losers in Atlantic City

Among the nine Atlantic City casinos, only Borgata, Hard Rock, and Ocean managed to outpace their pre-pandemic in-person gambling revenues from October 2019. The Borgata remained the leader in in-person gambling with $53.4 million, though this marked a 6.1% decline from the previous year. Hard Rock earned $40.8 million, down 1%, while Ocean reported a significant 24% drop to $32.8 million.

Other casinos saw mixed results. Tropicana posted a 7.4% increase in in-person revenue, while Caesars rose 4.1%. In contrast, Harrah’s, Resorts, and Bally’s all reported declines ranging from 7.8% to 11.5%. The Golden Nugget faced the steepest drop, down over 20% from the prior year. When online and sports betting revenue are included, the dynamics shift significantly. Golden Nugget saw a 25% increase in total revenue to $76.7 million, buoyed by its strong online performance. Resorts grew by nearly 19%, while Bally’s saw a 17.2% rise. Borgata also posted a modest 5.8% increase, maintaining its position as the market leader with $106.1 million in total revenue.

The shift toward online gambling began during the COVID-19 pandemic when physical casinos were closed or operated under restrictions. That trend has since solidified, with online platforms becoming a core revenue source for New Jersey’s gambling industry. For Atlantic City’s casinos, the reliance on internet gaming and sports betting revenue brings both opportunities and challenges. While these channels offer growth potential, they also require revenue-sharing arrangements with tech platforms and sportsbooks, diluting the casinos’ bottom line.

 

Internet gambling revenue surpassed in-person casino earnings for the first time in October, marking a pivotal shift in New Jersey's gaming landscape.

 

Conclusion

New Jersey’s gambling industry is at a crossroads, with internet gaming shaping the future while traditional in-person gambling faces continued decline. As online platforms set new records, casinos must adapt to the digital-first reality to remain competitive. For now, the evolving landscape paints a mixed picture for Atlantic City’s iconic gaming market.

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